CNP Assurances has successfully placed €500 million worth of notes due 12 October 2053 and paying interest at 1.875% until 12 October 2033. The notes qualify as Tier 2 capital under Solvency II.
The notes were placed with over 55 investors, 51% of whom were asset managers and 45% insurers and pension funds, mainly based in France, Germany/Austria and the UK/Ireland. The issue was oversubscribed by 1.8x with a total order book of €0.9 billion, reflecting their confidence in the financial strength of CNP Assurances.
The issue ensures that the Group has the funds in place for its upcoming debt maturities and it also contributes to optimising the balance sheet structure.
The notes are rated BBB+ by Standard & Poor’s and BBB+ by Fitch.
Settlement is scheduled for October 12 2021.The final terms of the issue have been published on the Company’s website, www.cnp.fr and on the Autorité des Marchés Financiers’ website, www.amf-france.org.